Something to be wary of…

Thoughts of the Day

Lower energy prices contributed to easing inflation in the major economies, but recent creeping oil price increases could stall this trend. If energy prices continue to rise, policymakers may adopt a more hawkish stance.

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Day Ahead

The RBA is expected to hold interest rates in its monetary policy meeting at 4.10%.

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What Happened Yesterday

Market Movements as of New York Close 4 Sep 23
  • Trading of the US Stock futures was muted due to the Labour day holiday in US and Canada.
  • The US stock and bond market was closed due to the US labour day holiday.
  • The crypto market traded slightly lower as trading volume was light in yesterday’s session.
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Headlines & Market Impact

Turkey’s Erdogan says Black Sea grain deal can be restored soon

Turkey’s Erdogan says Black Sea grain deal can be restored soon
Notable Snippet: Turkish President Tayyip Erdogan said after talks with Russia’s Vladimir Putin on Monday that it would soon be possible to revive the grain deal that the United Nations says helped to ease a food crisis by getting Ukrainian grain to market.

Russia quit the deal in July – a year after it was brokered by the United Nations and Turkey – complaining that its own food and fertiliser exports faced serious obstacles.

Erdogan, who previously played a significant role in convincing Putin to stick with the deal, and the United Nations are both trying to get Putin to return to the deal.

Erdogan said that Russia’s expectations were well-known to all and that the shortcomings should be eliminated, adding that Turkey and the United Nations had worked on a new package of suggestions to ease Russian concerns.

“We will be ready to consider the possibility of reviving the grain deal and I told Mr President about this again today – we will do this as soon as all the agreements on lifting restrictions on the export of Russian agricultural products are fully implemented,” Putin said.

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Country Garden debt deal, China property support moves trigger relief rally

Notable Snippet: Country Garden’s (2007.HK) deal with creditors for an extension on onshore debt payments worth 3.9 billion yuan ($536 million) boosted shares in the developer on Monday and gave China’s crisis-ridden property sector some much-needed respite.

Country Garden shares ended 14.6% higher after having jumped as much as 19% to their highest level since Aug. 10. Hong Kong’s Hang Seng mainland properties index (.HSMPI) climbed as much as 10%.

Global shares also rose on Monday, lifted partly by hopes that China’s steady drip feed of policy stimulus might stabilise the world’s second-biggest economy, which has seen its post-pandemic recovery falling away quickly as the property sector cash squeeze worsened.

Beijing on Monday added to a series of policy measures in recent months to revive its economy, approving the setting up of a special bureau to promote the development and growth of the private economy.

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Russia proposes joint navy exercise with North Korea, China

Notable Snippet: Russia’s defence minister has proposed to North Korean leader Kim Jong Un that their countries hold a naval exercise, along with China, South Korea’s Yonhap news agency reported on Monday (Sep 4), citing South Korea’s intelligence agency.

Russian Minister of Defence Sergei Shoigu visited North Korea for the 70th anniversary of the end of the Korean War, celebrated in North Korea as “Victory Day”, in July when he met Kim.

They attended a defence exhibition featuring North Korea’s banned ballistic missiles, North Korean state media reported at the time.

Yonhap reported that Shoigu had made the proposal for a three-way naval exercise to Kim during his visit but it provided no details.

South Korea’s National Intelligence Service told the National Assembly that Shoigu appeared to have held a private meeting with Kim to agree on broad military expansion, Yonhap reported.

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Best,
Phan Vee Leung
CIO & Founder, TrackRecord